ATARS II: $1.1B to Lockheed to Train AFSOCOM Pilots. Lockheed Martin has announced a 10-year Aircrew Training and Rehearsal Support II (ATARS II) contract from USAF Special Operations Command (AFSOCOM).
You invest pre-tax earnings in an IRA and your investment grows on a tax-deferred basis. You can use IRA funds to buy almost any kind of investment including an annuity. Under federal tax laws, you must begin making annual withdrawals from your IRAs once you reach the age of 70 1/2. The size of the withdrawals depends on your life expectancy and the balance of your IRA accounts.
But you can delay tapping your 401(k) or similar employer-based retirement plan until after you stop working. You have until April 1 of the year after you turn 70Â½ to make your first IRA withdrawal, but you must take your second required withdrawal by December 31 of that same year and annual distributions from your IRA by December 31 each year after that.